Q&A
Reasons for higher PIP insurance requirements in NYC
1:18:55
ยท
77 sec
Commissioner Do explains why New York City requires higher PIP insurance coverage for TLC vehicles compared to the state requirement. The main reasons are the extended operating hours of TLC vehicles and the need to protect all roadway users.
- TLC vehicles often operate for longer hours, sometimes 24/7, compared to regular passenger vehicles.
- The higher coverage ensures protection for passengers, drivers, and other road users.
- PIP insurance allows for quicker claim payouts, usually within 30 days, avoiding long legal processes.
David Do
1:18:55
Yeah.
1:18:56
So, passenger vehicles only, operate a certain, amount of time.
1:19:01
Here, our TLC vehicles, operate, a lot more time.
1:19:07
In some cases, some of these vehicles, operate, over a twenty four hour period, depending on, the the two drivers renting out a a yellow taxi, for example.
1:19:20
And so we wanted to make sure right?
1:19:22
And this is, this is a a rule that was in place, in the nineties.
1:19:27
Right?
1:19:27
To ensure that all roadway users, passengers, drivers, are protected.
1:19:32
These vehicles are on the road much longer than the average vehicle.
1:19:37
In every other jurisdiction outside of New York City, these drivers don't operate in a full time capacity like, New York City, TLC drivers.
1:19:49
In addition, right, the the PIP also allows for, re well, for claims to be paid out, within thirty days or less, making sure that there is not, this long legal process to ensure that, people can get help for, medical treatments or other types of treatments that they need, right then and there.